Worry about the fallout from US gold tariffs
The recent imposition of a 39% tariff by the U.S. on Swiss gold bar imports has significantly disrupted trade flows and created uncertainty in the global bullion market. The tariff, unexpected by markets, has caused sharp price increases in gold futures in New York and challenges for the Swiss refining sector, which is a major global hub for gold refining and exports.
The tariff impacts Switzerland's status as a major gold refining and export hub. The higher cost of Swiss gold bars in the U.S. could reduce demand and incentivize traders and investors to seek other sources or manufacturing centers less affected by such tariffs. Swiss refiners, who earn small margins, view the tariffs as penalizing the raw gold trade more than Swiss economic activity.
The Swiss gold industry argues that its refining takes a modest fee and that the tariff overestimates the value added by Swiss labor—most of the value is inherent to the gold itself, which is often sourced elsewhere and processed in Switzerland. The Swiss National Bank argues for the exclusion of gold from these tariffs, highlighting the distortion caused to trade statistics by the high-volume, low-margin nature of gold refining.
Overall, the U.S. tariffs risk undermining Switzerland's dominant role in global gold bar exports. Potential competitors for Switzerland's gold bar exports to the U.S. include countries like Australia and the UK. However, as of August 2025, no clear alternative hub has decisively replaced Switzerland, but the tariffs create market pressure for such a realignment.
Christoph Wild, president of the ASFCMP, continues to express concern about the impact of these tariffs on the gold industry and the physical gold trade with the U.S. The ASFCMP is in regular communication with Swiss authorities, the London Bullion Market Association (LBMA), the World Gold Council (WGC), and important U.S. representatives for the gold market to find solutions. Experts fear that Switzerland could lose its status as a major hub for gold bar exports to the U.S.
It is important to note that most other Swiss products are also subject to this tariff. The tariff on gold bars exported to the U.S. remains at 39%. The Swiss precious metals industry is globally active and not solely dependent on success in the U.S. market, but the U.S. market is significant for the Swiss precious metals industry.
In conclusion, the U.S. tariffs on Swiss gold bars have disrupted trade flows and created challenges for the Swiss refining sector. The tariffs risk undermining Switzerland's dominant role in global gold bar exports and could potentially shift trade flows toward other refining centers. The ASFCMP continues to communicate with relevant authorities and market representatives to find solutions to this issue.
The tariffs have created challenges for the Swiss precious metals industry, particularly in the gold sector, as they risk undermining Switzerland's dominant role in global gold bar exports. This could potentially shift trade flows toward other refining centers, such as those in Australia or the UK. The Swiss refiners, being globally active, view the tariffs as penalizing the raw gold trade more than Swiss economic activity.
